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Getting a second opinion on an appraisalAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the obligation of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Crescent City Appraisal Services,LLC, we provide appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's rules.The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is appropriate for the transaction, the liability inherit in the transaction, and whether the processes by which the real estate valuation is obtained guarantees independence and quality. Moreover, they should demonstrate whether the appraisal or evaluation report matches the engagement letter, which sets forth the range of the appraisal assignment. The Fed says that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to adapting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we can formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Crescent City Appraisal Services,LLC, we are qualified in every kind of appraisal review, review practice and the responsibilities of review appraisers.
Here at Crescent City Appraisal Services,LLC, you can trust our honest judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Crescent City Appraisal Services,LLC to learn more about our qualifications, expertise and service offerings. |
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We understand what makes a quality appraisal and what the most frequent defects are, specifically when it comes to our local real estate market.
In the same sense, the professionals at Crescent City Appraisal Services,LLC are amply skilled to acknowledge that the competitors in our market are capable of doing a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to fairly assess appraisal reports carried out by others. And those others may be studying our work, too!